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- The world's underinvestment in fossil fuel development since 2014 is leading to an era of scarcity for global oil markets, Halliburton (HAL +3.8%) CEO Jeff Miller told the World Petroleum Congress today in Houston.
- "For the first time in a long time, you're seeing a buyer looking for a barrel of oil, as opposed to a barrel of oil looking for a buyer," Miller said, according to the Wall Street Journal.
- A resulting prolonged period of elevated prices for fuels "might jeopardize the development" of cleaner renewable energy sources, TotalEnergies (TTE +3.1%) CEO Patrick Pouyanne said, as some Asian countries about to switch from coal to gas might be discouraged by the high prices.
- Demand for crude oil products will stay strong for years, and renewable energy supplies are not yet strong enough to sideline fossil fuels, CEOs from Exxon Mobil (XOM +1.5%), Chevron (CVX +2.1%) and Saudi Aramco said.
- Evercore ISI analysts said oil producers spent the lowest amount of capital in the U.S. during this year since 2004, so capital spending next year - even with an expected 10%-15% increase, will remain well below pre-COVID levels.
- Surge Energy (OTCPK:ZPTAF +8.4%) CEO Linhua Guan said the new COVID omicron variant may give many companies second thoughts about dispatching more drilling rigs to oil fields next year.
- During the conference, Exxon outlined a plan to achieve net-zero greenhouse gas emissions from its Permian Basin-operated assets by 2030.